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Washington H Soul Pattinson vs PM Capital Global Opportunities Fund shares
If you're tossing up between Washington H Soul Pattinson (ASX: SOL) and PM Capital Global Opportunities Fund (ASX: PGF) shares, you're looking at two very different investment companies. One is a legendary Aussie investment house with more than a century of history; the other is a globally focused LIC aiming to deliver long-term capital growth. Which one might suit your portfolio better? Let's take a closer look at both.
The case for Washington H Soul Pattinson
Soul Patts, as it's fondly known, is one of the ASX's oldest and most respected investment companies. It holds a diversified portfolio, spanning listed and private companies, emerging businesses, real assets like property and agriculture, and more. It counts major stakes in TPG Telecom Ltd (ASX: TPG) and New Hope Corporation (ASX: NHC), with recent growth including the merger of Brickworks into the group.
Notable fundamentals for Soul Patts include:
- Market cap: $16.63 billion — one of the largest and most stable investment groups around.
- P/E ratio: 6.83 — hinting at a relatively undemanding valuation.
- YTD return: Up 19.36% for 2026 so far, showing strong momentum.
- Dividend yield: 2.44% fully franked, with a long track record of steadily increasing payouts.
Its 100% franking is a plus for Aussie income investors, and decades of consistent dividend growth add to its appeal. Soul Patts describes its goal as delivering shareholder returns via both capital growth and steadily increasing dividends — a dual focus.
The case for PM Capital Global Opportunities Fund
PM Capital Global Opportunities Fund is a listed investment company (LIC) set up to give Australians exposure to a portfolio of listed securities across global markets. It aims squarely at long-term capital growth, using the skills of the PM Capital team to pick opportunities outside Australia.
A few key points stand out:
- Market cap: $1.92 billion — much smaller than Soul Patts, but still substantial for a LIC.
- Dividend yield: 4.72% fully franked — easily outpacing SOL on yield.
- YTD return: 5.32% for 2026, lagging SOL over the same period.
Valuation comparison
Here's how the key numbers stack up, where they're available:
| Washington H Soul Pattinson (SOL) | PM Capital Global Opportunities Fund (PGF) | |
|---|---|---|
| Market Cap | $16.63 billion | $1.92 billion |
| P/E Ratio | 6.83 | N/A |
| Dividend Yield | 2.44% (100% franked) | 4.72% (100% franked) |
| YTD Return | 19.36% | 5.32% |
Soul Patts sports a much larger market cap, while PGF trades at a yield almost double, but doesn't provide standard profit metrics. PGF's income focus shows in its higher yield, while Soul Patts has outperformed on recent growth.
Recent share price performance
The numbers below are based on provided pricing up to 15 September 2026.
Over the last three weeks, Soul Patts' share price has oscillated between roughly $43.75 and $45.30, with a slightly negative bias in the past few sessions but strong gains overall, consistent with its positive year-to-date return of 19.36%.
PGF shares have traded tightly around $3.15–$3.37 in the same window, with movement mostly sideways to slightly down in recent days. Its year-to-date return is just 5.32%.
Long story short, Sol Patts has provided significantly greater share price growth than PGF in 2026 so far.
Which is the better buy?
If I had to pick between these two today, I'd lean toward Washington H Soul Pattinson. The sheer scale and depth of its diversification — through listed, private, real assets, and credit — gives me confidence in its resilience and ability to ride out market turmoil. It's hard to argue with more than a century of history and a market cap that dwarfs PGF.
But it's not just size: SOL has delivered far stronger share price growth this year, and while its 2.44% yield is more modest, that's backed by a rich history of increases and 100% franking. It also trades at a low price-to-earnings ratio of 6.83, suggesting you're not overpaying for those assets.
PGF certainly shines on dividend yield — at 4.72%, it's better for upfront income. And its global approach might suit investors wanting international exposure from Aussie soil. But with less diversification, I view it as a riskier play right now.
For my money, the combination of SOL's growth, proven management, and ultra-diverse portfolio are hard to beat, especially when share price momentum is humming.
